Question 1 of 3Financial statements - sole trader
3 free questions here · 29 in the Danho app
Questions on this topic only, marked as you go. This is the same experience as the app.
Maria had trade payables of $19,840 at 1 January 2015. During the year ended 31 December 2015 she paid $354,240 to trade payables in cash, and her trade payables balance increased by $10,560 to $30,400 by 31 December 2015 (no discounts or returns affected the account). Calculate Maria's credit purchases for the year.
Maria's opening inventory on 1 January 2015 was $54,400 and her closing inventory on 31 December 2015 was $35,200. Her credit purchases for the year were $364,800, and she made no cash purchases of goods for resale. Calculate her cost of sales for the year ended 31 December 2015.
Maria's cost of sales for the year ended 31 December 2015 was $384,000. She marks up her goods sold by 33⅓% on cost. What was her gross profit for the year?
Danho has every question on this topic, not just the sample above, with your progress tracked question by question, offline.